Shares of Emaar Properties PJSC, which developed the Burj Khalifa skyscraper, have plunged 39 percent this year, Bloomberg reported. It’s price-to-earnings ratio is at the lowest level since 2009.

That’s thanks to a difficult local real estate market — as a supply glut coincides with lower demand. And a recovery doesn’t seem imminent, the report said.

Emaar had the lowest quarterly profit in almost three years in the period that ended in September. At the same time, the central bank said property prices decreased 7.4 percent in the September quarter from a year earlier. The company is partially owned by partially owned by the Al Maktoum family, the royal ruling family of Dubai.

The stock price slump has led analysts to change ratings to a buy or overweight recommendation. But so far, that doesn’t seem to be happening.